The Australian dollar remained volatile near 0.64599 against the US dollar, and economists began to consider lowering their forecasts for Australia's second-quarter GDP. Inventories in Australia fell 1.9% in the second quarter, while corporate profits fell 13% over the same period. Both results disappointed market expectations. Profits were broadly weak, with the mining and hospitality sectors hit hard.
Australian Dollar USD AUDUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: after maintaining a wide range of shocks in the short term, the volatility space narrowed, the market's bullish sentiment gradually weakened, but still maintained a volatile trend, the MACD indicator was weakly consolidated near the 0 axis, and the RSI indicator was weakly hovering near the 50 equilibrium line;
Resistance level: 0.64686 0.64776
Support level: 0.64447 0.64349
Trading strategy: Bullish above 0.64549, target 0.64686 0.64776
Alternative strategy: bearish below 0.64549, target 0.64447 0.64349